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- W3204605096 abstract "This chapter describes how the long-term booms and busts of capitalism are driven by two dynamics: those of technology and those of international competition. Gerhard Mensch argued that the great expansionary cycles of the world were linked to fundamental technological innovations that generated a broad range of related products. Busts occur when the engineering of a given product becomes so well understood that no new improvements can be made. Growth will stay mediocre until some new breakthrough innovation comes. If the breakthrough innovation does not happen, then capitalism can go into long-term stagnation. Once technology is stagnant and the skills to produce products have become widely dispersed, then competition is based on price rather than quality. Just as the rich nations are running out of sales due to technological stagnation, lots of low-cost competitors appear to fight for whatever sales are left." @default.
- W3204605096 created "2021-10-11" @default.
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- W3204605096 date "2021-04-15" @default.
- W3204605096 modified "2023-09-23" @default.
- W3204605096 title "Technological and International Causes of Stagnation" @default.
- W3204605096 doi "https://doi.org/10.7591/cornell/9781501755903.003.0044" @default.
- W3204605096 hasPublicationYear "2021" @default.
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